Huntsman CORP 8-K, filed Nov 2, 2026
Huntsman CORP (HUN)
About this 8-K
Huntsman CORP filed this 8-K on November 2, 2026.
Huntsman Corporation reported third quarter 2026 revenues of $1,717 million, adjusted EBITDA of $132 million and free cash flow of $82 million. Shareholders approved the merger of equals with Olin Corporation on August 25, 2026. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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| of incorporation) | File Number) | Identification No.) |
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Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered pursuant to Section 12(b) of the Act:
| Registrant | Title of each class | Trading Symbol |
Name of each exchange on which registered | |||
Huntsman Corporation |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On November 2, 2026, we issued a press release announcing our results for the three months ended September 30, 2026. The press release is furnished herewith as Exhibit 99.1.
We will hold a conference call to discuss our third quarter 2026 financial results on Tuesday, November 3, 2026, at 9:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=oRyBrBjV
Participant dial-in numbers:
| Domestic callers: | (877) 402-8037 | |
| International callers: | (201) 378-4913 |
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.
Information with respect to the conference call, together with a copy of the press release furnished herewith as Exhibit 99.1, is available on the investor relations page of our website at www.huntsman.com/investors.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Number | Description of Exhibits | |
| 99.1 | Press Release dated November 2, 2026, regarding third quarter 2026 earnings | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HUNTSMAN CORPORATION | |
| /s/ IVAN MARCUSE | |
| Vice President, Investor Relations and Corporate Development |
Dated: November 2, 2026
| 3 |
Exhibit 99.1
 |
 |
| FOR IMMEDIATE RELEASE | Investor Relations: |
| November 2, 2026 | Ivan Marcuse |
| The Woodlands, TX | (281) 719-4637 |
| NYSE: HUN |
Huntsman Announces Third Quarter 2026 Earnings
Third Quarter Highlights
| · | Third quarter 2026 net loss attributable to Huntsman of $18 million compared to a net loss of $25 million in the prior year period; third quarter 2026 diluted loss per share of $0.10 compared to diluted loss per share of $0.14 in the prior year period. |
| · | Third quarter 2026 adjusted net income attributable to Huntsman of $7 million compared to adjusted net loss of $5 million in the prior year period; third quarter 2026 adjusted diluted income per share of $0.04 compared to adjusted diluted loss per share of $0.03 in the prior year period. |
| · | Third quarter 2026 adjusted EBITDA of $132 million compared to $94 million in the prior year period. |
| · | Third quarter 2026 net cash provided by operating activities from continuing operations was $115 million. Free cash flow was $82 million for the third quarter 2026 compared to $157 million in the prior year period. |
| · | On August 25, 2026, Huntsman shareholders approved the merger of equals with Olin Corporation. Once the merger is completed, the combined OlinHuntsman will trade under a new ticker, NYSE: OHN. |
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | $ | 1,717 | $ | 1,460 | $ | 4,800 | $ | 4,328 | ||||||||
| Net loss attributable to Huntsman Corporation | $ | (18 | ) | $ | (25 | ) | $ | (77 | ) | $ | (188 | ) | ||||
| Adjusted net income (loss)(1) | $ | 7 | $ | (5 | ) | $ | (28 | ) | $ | (58 | ) | |||||
| Diluted loss per share | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.44 | ) | $ | (1.09 | ) | ||||
| Adjusted diluted income (loss) per share(1) | $ | 0.04 | $ | (0.03 | ) | $ | (0.16 | ) | $ | (0.34 | ) | |||||
| Adjusted EBITDA(1) | $ | 132 | $ | 94 | $ | 325 | $ | 240 | ||||||||
| Net cash provided by operating activities from continuing operations | $ | 115 | $ | 200 | $ | 2 | $ | 221 | ||||||||
| Free cash flow(2) | $ | 82 | $ | 157 | $ | (99 | ) | $ | 105 | |||||||
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported third quarter 2026 results with revenues of $1,717 million, net loss attributable to Huntsman of $18 million, adjusted net income attributable to Huntsman of $7 million and adjusted EBITDA of $132 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
“Our Company continues to perform solidly despite significant macroeconomic and industry challenges. Year-over-year improvement was driven by higher volumes, stronger margins, and cost savings. Better results and cash flow are expected to reduce net debt leverage to approximately 4 times by year-end, a significant improvement from the beginning of the year. These gains reflect our associates’ hard work and disciplined execution to grow volumes, lower costs, and generate cash.
“Our planned merger of equals with Olin Corporation reached several milestones during the quarter, including shareholder approval on August 25, 2026, and regulatory clearance in multiple jurisdictions, including the United States in September. We continue to work with the remaining jurisdictions to secure the approvals needed to complete the merger, which we now expect to close in the first quarter of 2027. We are excited about the benefits the merger will bring to both companies’ shareholders.”
Segment Analysis for 3Q26 Compared to 3Q25
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.
Performance Products
The increase in revenues in our Performance Products segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices. Average selling prices increased primarily due to higher raw materials and logistics costs and favorable sales mix. Sales volumes remained relatively unchanged. The increase in segment adjusted EBITDA was primarily due to higher average selling prices and improved margins.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and higher average selling prices. Sales volumes increased primarily in our aerospace, automotive and power markets. Average selling prices increased primarily due to favorable sales mix. The increase in segment adjusted EBITDA was primarily due to higher sales volumes.
Liquidity and Capital Resources
During the three months ended September 30, 2026, our free cash flow was $82 million as compared to $157 million in the same period of 2025. As of September 30, 2026, we had approximately $0.9 billion of combined cash and unused borrowing capacity.
During the three months ended September 30, 2026, we spent $33 million on capital expenditures as compared to $43 million in the same period of 2025. During 2026, we expect capital expenditures to be approximately $160 million.
Income Taxes
In the third quarter of 2026, our effective tax rate was 108% and our adjusted effective tax rate was 56%.
- 2 -
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2026 financial results on Tuesday, November 3, 2026, at 9:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=oRyBrBjV
Participant dial-in numbers:
| Domestic callers: | (877) 402-8037 |
| International callers: | (201) 378-4913 |
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman’s investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman’s website.
Upcoming Conferences
During the fourth quarter 2026, a member of management is expected to present at:
Morgan Stanley Global Chemicals & Agriculture Conference, November 10, 2026
RBC Global Industrials Conference, November 17, 2026
Citi’s Basic Materials Conference, December 1, 2026
Bank of America Leveraged Finance Conference, December 2, 2026
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
- 3 -
Table 1 -- Results of Operations
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | $ | 1,717 | $ | 1,460 | $ | 4,800 | $ | 4,328 | ||||||||
| Cost of goods sold | 1,480 | 1,256 | 4,135 | 3,741 | ||||||||||||
| Gross profit | 237 | 204 | 665 | 587 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 168 | 163 | 514 | 489 | ||||||||||||
| Research and development | 27 | 29 | 84 | 94 | ||||||||||||
| Restructuring, impairment and plant closing costs | 4 | 12 | 19 | 137 | ||||||||||||
| Gain on sale of Gomet business, net | - | - | (22 | ) | - | |||||||||||
| Gain on acquisition of assets, net | - | - | - | (5 | ) | |||||||||||
| Income associated with litigation matter, net | - | - | - | (33 | ) | |||||||||||
| Other operating (income) expense, net | (1 | ) | (6 | ) | 10 | (23 | ) | |||||||||
| Total operating expenses | 198 | 198 | 605 | 659 | ||||||||||||
| Operating income (loss) | 39 | 6 | 60 | (72 | ) | |||||||||||
| Interest expense, net | (23 | ) | (20 | ) | (67 | ) | (60 | ) | ||||||||
| Equity in income of investment in unconsolidated affiliates | 7 | 1 | 17 | - | ||||||||||||
| Other income, net | 3 | 6 | 13 | 13 | ||||||||||||
| Income (loss) from continuing operations before income taxes | 26 | (7 | ) | 23 | (119 | ) | ||||||||||
| Income tax expense | (28 | ) | (3 | ) | (56 | ) | (25 | ) | ||||||||
| Loss from continuing operations | (2 | ) | (10 | ) | (33 | ) | (144 | ) | ||||||||
| Loss from discontinued operations, net of tax | (3 | ) | (1 | ) | (6 | ) | (1 | ) | ||||||||
| Net loss | (5 | ) | (11 | ) | (39 | ) | (145 | ) | ||||||||
| Net income attributable to noncontrolling interests | (13 | ) | (14 | ) | (38 | ) | (43 | ) | ||||||||
| Net loss attributable to Huntsman Corporation | $ | (18 | ) | $ | (25 | ) | $ | (77 | ) | $ | (188 | ) | ||||
| Adjusted EBITDA(1) | $ | 132 | $ | 94 | $ | 325 | $ | 240 | ||||||||
| Adjusted net income (loss)(1) | $ | 7 | $ | (5 | ) | $ | (28 | ) | $ | (58 | ) | |||||
| Basic loss per share | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.44 | ) | $ | (1.09 | ) | ||||
| Diluted loss per share | $ | (0.10 | ) | $ | (0.14 | ) | $ | (0.44 | ) | $ | (1.09 | ) | ||||
| Adjusted diluted income (loss) per share(1) | $ | 0.04 | $ | (0.03 | ) | $ | (0.16 | ) | $ | (0.34 | ) | |||||
| Common share information: | ||||||||||||||||
| Basic weighted average shares | 173 | 173 | 173 | 173 | ||||||||||||
| Diluted weighted average shares | 173 | 173 | 173 | 173 | ||||||||||||
| Diluted shares for adjusted diluted income (loss) per share | 174 | 173 | 173 | 173 | ||||||||||||
| See end of press release for footnote explanations. | ||||||||||||||||
- 4 -
Table 2 -- Results of Operations by Segment
| Three months ended | Nine months ended | |||||||||||||||||||||||
| September 30, | Better / | September 30, | Better / | |||||||||||||||||||||
| In millions | 2026 | 2025 | (worse) | 2026 | 2025 | (worse) | ||||||||||||||||||
| Segment revenues: | ||||||||||||||||||||||||
| Polyurethanes | $ | 1,152 | $ | 956 | 21 | % | $ | 3,154 | $ | 2,800 | 13 | % | ||||||||||||
| Performance Products | 260 | 246 | 6 | % | 771 | 773 | (0 | )% | ||||||||||||||||
| Advanced Materials | 314 | 265 | 18 | % | 906 | 778 | 16 | % | ||||||||||||||||
| Total reportable segments' revenues | 1,726 | 1,467 | 18 | % | 4,831 | 4,351 | 11 | % | ||||||||||||||||
| Intersegment eliminations | (9 | ) | (7 | ) | N/M | (31 | ) | (23 | ) | N/M | ||||||||||||||
| Total revenues | $ | 1,717 | $ | 1,460 | 18 | % | $ | 4,800 | $ | 4,328 | 11 | % | ||||||||||||
| Segment adjusted EBITDA(1): | ||||||||||||||||||||||||
| Polyurethanes | $ | 75 | $ | 48 | 56 | % | $ | 180 | $ | 121 | 49 | % | ||||||||||||
| Performance Products | 31 | 29 | 7 | % | 94 | 91 | 3 | % | ||||||||||||||||
| Advanced Materials | 62 | 44 | 41 | % | 171 | 125 | 37 | % | ||||||||||||||||
| N/M = not meaningful | ||||||||||||||||||||||||
| See end of press release for footnote explanations. | ||||||||||||||||||||||||
- 5 -
Table 3 -- Factors Impacting Sales Revenue
| Three months ended | ||||||||||||||||
| September 30, 2026 vs. 2025 | ||||||||||||||||
| Average selling price(a) | ||||||||||||||||
| Local | Exchange | Sales | ||||||||||||||
| currency & mix | rate | volume(b) | Total | |||||||||||||
| Polyurethanes | 19 | % | 0 | % | 2 | % | 21 | % | ||||||||
| Performance Products | 7 | % | 0 | % | (1 | )% | 6 | % | ||||||||
| Advanced Materials | 6 | % | 0 | % | 12 | % | 18 | % | ||||||||
| Combined segments | 15 | % | 0 | % | 3 | % | 18 | % | ||||||||
| Nine months ended | ||||||||||||||||
| September 30, 2026 vs. 2025 | ||||||||||||||||
| Average selling price(a) | ||||||||||||||||
| Local | Exchange | Sales | ||||||||||||||
| currency & mix | rate | volume(b) | Total | |||||||||||||
| Polyurethanes | 8 | % | 2 | % | 3 | % | 13 | % | ||||||||
| Performance Products | 1 | % | 1 | % | (2 | )% | 0 | % | ||||||||
| Advanced Materials | 6 | % | 3 | % | 7 | % | 16 | % | ||||||||
| Combined segments | 6 | % | 2 | % | 3 | % | 11 | % | ||||||||
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
- 6 -
Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
| Income tax | Net | Diluted (loss) income | |||||||||||||||||||||||
| EBITDA | and other expense | (loss) income | per share | ||||||||||||||||||||||
| Three months ended | Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Net loss | $ | (5 | ) | $ | (11 | ) | $ | (5 | ) | $ | (11 | ) | $ | (0.03 | ) | $ | (0.06 | ) | |||||||
| Net income attributable to noncontrolling interests | (13 | ) | (14 | ) | (13 | ) | (14 | ) | (0.07 | ) | (0.08 | ) | |||||||||||||
| Net loss attributable to Huntsman Corporation | (18 | ) | (25 | ) | (18 | ) | (25 | ) | (0.10 | ) | (0.14 | ) | |||||||||||||
| Interest expense, net | 23 | 20 | |||||||||||||||||||||||
| Income tax expense from continuing operations | 28 | 3 | $ | (28 | ) | $ | (3 | ) | |||||||||||||||||
| Depreciation and amortization | 77 | 73 | |||||||||||||||||||||||
| EBITDA / Loss from discontinued operations | 3 | 1 | N/A | N/A | 3 | 1 | 0.02 | 0.01 | |||||||||||||||||
| Loss on sale of business/assets, net | - | 2 | - | - | - | 2 | - | 0.01 | |||||||||||||||||
| Expenses associated with the proposed merger | 3 | - | - | - | 3 | - | 0.02 | - | |||||||||||||||||
| Certain legal and other settlements and related expenses, net | 4 | - | - | - | 4 | - | 0.02 | - | |||||||||||||||||
| Amortization of pension and postretirement actuarial losses | 7 | 8 | 2 | (2 | ) | 9 | 6 | 0.05 | 0.03 | ||||||||||||||||
| Restructuring, impairment and plant closing and transition costs | 5 | 12 | 1 | (1 | ) | 6 | 11 | 0.03 | 0.06 | ||||||||||||||||
| Adjusted(1) | $ | 132 | $ | 94 | $ | (25 | ) | $ | (6 | ) | 7 | (5 | ) | $ | 0.04 | $ | (0.03 | ) | |||||||
| Adjusted income tax expense(1) | 25 | 6 | |||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 13 | 14 | |||||||||||||||||||||||
| Adjusted pre-tax income(1) | $ | 45 | $ | 15 | |||||||||||||||||||||
| Adjusted effective tax rate(3) | 56 | % | 40 | % | |||||||||||||||||||||
| Effective tax rate | 108 | % | (43 | )% | |||||||||||||||||||||
- 7 -
| Income tax | Net | Diluted loss | |||||||||||||||||||||||
| EBITDA | and other expense | loss | per share | ||||||||||||||||||||||
| Nine months ended | Nine months ended | Nine months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||
| In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Net loss | $ | (39 | ) | $ | (145 | ) | $ | (39 | ) | $ | (145 | ) | $ | (0.23 | ) | $ | (0.84 | ) | |||||||
| Net income attributable to noncontrolling interests | (38 | ) | (43 | ) | (38 | ) | (43 | ) | (0.22 | ) | (0.25 | ) | |||||||||||||
| Net loss attributable to Huntsman Corporation | (77 | ) | (188 | ) | (77 | ) | (188 | ) | (0.44 | ) | (1.09 | ) | |||||||||||||
| Interest expense, net | 67 | 60 | |||||||||||||||||||||||
| Income tax expense from continuing operations | 56 | 25 | $ | (56 | ) | $ | (25 | ) | |||||||||||||||||
| Income tax expense from discontinued operations(3) | - | 1 | |||||||||||||||||||||||
| Depreciation and amortization from continuing operations | 227 | 214 | |||||||||||||||||||||||
| Business acquisition and integration gain and purchase accounting inventory adjustments, net | - | (5 | ) | - | - | - | (5 | ) | - | (0.03 | ) | ||||||||||||||
| EBITDA / Loss from discontinued operations(3) | 6 | - | N/A | N/A | 6 | 1 | 0.03 | 0.01 | |||||||||||||||||
| Establishment of significant deferred tax asset valuation allowances, net | - | - | - | 1 | - | 1 | - | 0.01 | |||||||||||||||||
| (Gain) loss on sale of business/assets, net | (22 | ) | 2 | - | - | (22 | ) | 2 | (0.13 | ) | 0.01 | ||||||||||||||
| Expenses associated with the proposed merger | 8 | - | - | - | 8 | - | 0.05 | - | |||||||||||||||||
| Loss on early extinguishment of debt | 1 | - | - | - | 1 | - | 0.01 | - | |||||||||||||||||
| Certain legal and other settlements and related expenses (income), net | 15 | (32 | ) | - | 7 | 15 | (25 | ) | 0.09 | (0.14 | ) | ||||||||||||||
| Amortization of pension and postretirement actuarial losses | 21 | 22 | (1 | ) | (4 | ) | 20 | 18 | 0.12 | 0.10 | |||||||||||||||
| Restructuring, impairment and plant closing and transition costs | 23 | 141 | (2 | ) | (3 | ) | 21 | 138 | 0.12 | 0.80 | |||||||||||||||
| Adjusted(1) | $ | 325 | $ | 240 | $ | (59 | ) | $ | (24 | ) | (28 | ) | (58 | ) | $ | (0.16 | ) | $ | (0.34 | ) | |||||
| Adjusted income tax expense(1) | 59 | 24 | |||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 38 | 43 | |||||||||||||||||||||||
| Adjusted pre-tax income(1) | $ | 69 | $ | 9 | |||||||||||||||||||||
| Adjusted effective tax rate(4) | 86 | % | 267 | % | |||||||||||||||||||||
| Effective tax rate | 243 | % | (21 | )% | |||||||||||||||||||||
N/M = not meaningful
N/A = not applicable
See end of press release for footnote explanations.
- 8 -
Table 5 -- Balance Sheets
| September 30, | December 31, | |||||||
| In millions | 2026 | 2025 | ||||||
| Cash | $ | 359 | $ | 429 | ||||
| Accounts and notes receivable, net | 870 | 677 | ||||||
| Inventories | 905 | 818 | ||||||
| Prepaid expenses | 72 | 94 | ||||||
| Other current assets | 34 | 46 | ||||||
| Property, plant and equipment, net | 2,369 | 2,486 | ||||||
| Other noncurrent assets | 2,495 | 2,465 | ||||||
| Total assets | $ | 7,104 | $ | 7,015 | ||||
| Accounts payable(5) | $ | 862 | $ | 758 | ||||
| Other current liabilities(5) | 496 | 478 | ||||||
| Current portion of debt | 303 | 353 | ||||||
| Long-term debt | 1,740 | 1,658 | ||||||
| Other noncurrent liabilities | 795 | 811 | ||||||
| Huntsman Corporation stockholders’ equity | 2,662 | 2,750 | ||||||
| Noncontrolling interests in subsidiaries | 246 | 207 | ||||||
| Total liabilities and equity | $ | 7,104 | $ | 7,015 | ||||
See end of press release for footnote explanations.
- 9 -
Table 6 -- Outstanding Debt
| September 30, | December 31, | |||||||
| In millions | 2026 | 2025 | ||||||
| Debt: | ||||||||
| Revolving credit facility | $ | 300 | $ | 343 | ||||
| Senior notes | 1,490 | 1,488 | ||||||
| Amounts outstanding under A/R programs | 235 | 152 | ||||||
| Variable interest entities | - | 7 | ||||||
| Other debt | 18 | 21 | ||||||
| Total debt - excluding affiliates | 2,043 | 2,011 | ||||||
| Total cash | 359 | 429 | ||||||
| Net debt - excluding affiliates(4) | $ | 1,684 | $ | 1,582 | ||||
See end of press release for footnote explanations.
- 10 -
Table 7 -- Summarized Statements of Cash Flows
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| In millions | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Total cash at beginning of period | $ | 346 | $ | 399 | $ | 429 | $ | 340 | ||||||||
| Net cash provided by operating activities from continuing operations | 115 | 200 | 2 | 221 | ||||||||||||
| Net cash used in operating activities from discontinued operations | (5 | ) | (4 | ) | (5 | ) | (8 | ) | ||||||||
| Net cash used in investing activities | (33 | ) | (42 | ) | (48 | ) | (74 | ) | ||||||||
| Net cash used in financing activities | (65 | ) | (83 | ) | (22 | ) | (14 | ) | ||||||||
| Effect of exchange rate changes on cash | 1 | (2 | ) | 3 | 3 | |||||||||||
| Total cash at end of period | $ | 359 | $ | 468 | $ | 359 | $ | 468 | ||||||||
| Free cash flow(2): | ||||||||||||||||
| Net cash provided by operating activities from continuing operations | $ | 115 | $ | 200 | $ | 2 | $ | 221 | ||||||||
| Capital expenditures | (33 | ) | (43 | ) | (101 | ) | (116 | ) | ||||||||
| Free cash flow from continuing operations(2) | $ | 82 | $ | 157 | $ | (99 | ) | $ | 105 | |||||||
| Supplemental cash flow information: | ||||||||||||||||
| Cash paid for interest | $ | (8 | ) | $ | (5 | ) | $ | (51 | ) | $ | (49 | ) | ||||
| Cash paid for income taxes | (14 | ) | (18 | ) | (38 | ) | (79 | ) | ||||||||
| Cash paid for restructuring and integration | (12 | ) | (7 | ) | (40 | ) | (18 | ) | ||||||||
| Cash paid for pensions | (19 | ) | (9 | ) | (35 | ) | (25 | ) | ||||||||
| Depreciation and amortization from continuing operations | 77 | 73 | 227 | 214 | ||||||||||||
| Change in primary working capital: | ||||||||||||||||
| Accounts and notes receivable | $ | 9 | $ | 37 | $ | (214 | ) | $ | (26 | ) | ||||||
| Inventories | 28 | 55 | (104 | ) | 114 | |||||||||||
| Accounts payable(5) | (25 | ) | (2 | ) | 129 | (89 | ) | |||||||||
| Total change in primary working capital | $ | 12 | $ | 90 | $ | (189 | ) | $ | (1 | ) | ||||||
See end of press release for footnote explanations.
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Footnotes
| (1) | We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments. We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business. We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) that is most directly comparable to adjusted EBITDA and adjusted net income (loss). Additional information with respect to our use of each of these financial measures follows: |
Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.
Adjusted EBITDA is computed by eliminating the following from net income (loss): (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above. The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.
We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.
| (2) | We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. |
(3) We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.
(4) Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.
(5) Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
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Forward-Looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, including the planned merger of equals with Olin Corporation, statements about the anticipated benefits of the contemplated transaction, including future expected synergies and cost savings related to the contemplated transaction, the plans, objectives, expectations and intentions of Olin, Huntsman or the combined company business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, uncertainties as to the timing of the contemplated merger; the possibility that the closing conditions to the contemplated merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; the effects of disruption caused by the contemplated merger making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated merger may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; ability to refinance existing indebtedness of Huntsman in connection with the contemplated merger; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated merger; transaction costs; high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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